Employees are increasingly satisfied with their company sponsored retirement plans.
A survey performed by global professional services company Towers Watson has found that more U.S. employees are satisfied with their employer’s retirement benefits than five years ago. These employees are also willing to sacrifice pay for more generous retirement benefits, while fewer were willing to sacrifice pay for more generous health benefits.
The nationwide survey of 5,070 full-time employees found that two-thirds of respondents (67%) say they are satisfied with their employer-sponsored retirement plans. That’s a jump of 13 percentage points since 2009.
Retirement Security Becoming Increasingly Important
More than half of the respondents (56%) say that retirement security has become more important to them over the last few years.
“Given employees’ widespread concern about retirement security and readiness, this may be the ideal time for employers to reevaluate their employee benefits and strategies for the future. Addressing employees’ preferences for retirement and health care benefits could help employers provide a more engaging work environment, and at the same time help workers in their efforts to prepare for a comfortable and financially secure retirement,” said Towers Watson Senior Consultant David Speier.
Source: Towers Watson Global Benefits Attitudes Survey